The cannabis industry witnessed some breakthroughs in the past few decades. As countries choose to decriminalize and legalize the medicinal and recreational use of cannabis, its market is also picking up at a rapid rate. With more users willing to add cannabis to their everyday life, investors are taking a keen interest in innovative cannabis products. The growth of the cannabis industry in recent years is not solely due to the product attractiveness, but also due to better accessibility to it.
Many factors played their part in bringing limelight to the industry, and technology is probably one of the most important ones. From sorting better production techniques to simplifying accessibility, technology is sophisticating the cannabis business with each passing day. Read on, to find the latest developments that largely benefited the cannabis industry.
- Product Innovation
A variety of cannabis products have made their way to the shelf of a dispensary which scores high both on taste and health. However, the reluctance of the users to try these generalized products led the business to go for the micro-niche product in the market. So customers can find their tailor-made product from strains that have a unique ratio composition of CBD-THC and other active terpenes. The next step in the innovation line would be creating a top-notch guide to cannabis in accordance with the physiological needs of the customer. Some companies are already making platforms to make cannabis more personalized by noting down user’s responses to various cannabinoids.
- Better Marketing Opportunities
The common billboard and print media advertising is not as effective in selling a product as unique as cannabis. Even though the medical use of marijuana is permissible in certain parts of the USA, one cannot market it freely. Cannabis and its related products are always under the radar of the federal government and all marketers are bound to consider the legalities before implementing any marketing programs. Gladly, technology offers many alternative approaches to market cannabis. Many of these alternative strategies such as influencer marketing, affiliate marketing, and in-app-purchases are indirect ways of selling that are relatively subtle and hugely attractive.
The popularity of social media platforms like Instagram has played a role in spreading the word of the mouth and influencer marketing. All thanks to dedicated online forums and blogs having user testimonials that increased awareness regarding the use of cannabis and CBD products. So, digital marketing has turned out to be a boon for the cannabis industry.
- Cannabis Growing Lights
A cannabis plant flourishes and produces desirable yield only when it meets its optimum growing condition. Among the various such conditions, light and heat are the most critical factors that impact the cannabis plant. While tropical climates might be wonderous to certain kinds of cannabis, places with scanty sunlight might need indoor plantings with a high magnitude of full-spectrum lights. Earlier the entire set-up used to cost a fortune, but the discovery of LED has turned to be a blessing for cannabis growers. With cost coming down over the subsequent years, LED lights are gradually making their way as essential for cannabis growers.
- Impact On The Operations
Technology is a boon to how we operate in the present business world. It has reshaped the distribution channels and the simplified procurement procedures for many businesses.It is now easier to analyze data on consumer buying behaviour. As the early-stage cannabis industry was primarily based on cash purchases, understanding consumer habits was difficult. That made pricing a bit more complicated and even developing the right product mix in the stores was troublesome.
With many e-commerce platforms, small scale sellers have fair chances to understand, highlight the nit-grits of the product as well as margin perspective. Also, since the supply chain management has simplified, procuring raw materials and input from the global market has led to cost-effectiveness and enhanced quality.
- Water-Soluble CBD Oil
CBD oil is one of the fastest emerging cannabis trends that swoons the hearts of many. The medicinal and therapeutic value seems like a goldmine of health. Sadly, the lower bioavailability of the compound limits its utility. Being an oil, CBD cannot dissolve in water. Since the human body is major water, a technology that increases the water solubility of the compound can hugely benefit CBD users. Nanoencapsulation has now made it possible to increase the water solubility of the compound. Although the technology is still at its initial stage, it is bound to bring a significant shift in the effectiveness and uses of CBD.
The Bottom Line
In this past, technology has made it possible for the cannabis industry to become marketable. Since cannabis is new to commercialization, there is still a lot of scope in product development. As technology continues to upgrade, we might witness some out of the box innovations and unfathomable avenues soon.
Heena Ansari is a digital marketer and founder of Techpuzz. She aims to give Digital marketing tips & guide for a beginner and help them to grow their career in Digital Marketing.